Bank Of America (BAC) Whacking Up To 35,000

Early reports said that Bank of America (BAC)
would whack about 10,000 employees after digesting Merrill Lynch.
After that, Charlie Gasparino reported that the number would be
more like 30,000 and today the
company confirms: Up to 35,000 jobs will be cut over the next
three years:

Bank of America Corporation is working on a plan to eliminate a
significant number of positions over the next three years
reflecting the pending merger with Merrill Lynch & Co., Inc.
and the weak economic environment, which is affecting the level
of business activity.

While both factors will result in the elimination of
positions, the company has not completed its analysis. Bank of
America expects to have a final plan early in 2009 and estimates
it will project the reduction of approximately 30,000 to 35,000
positions over the next three years. A final number will not be
determined until early 2009.

The reductions are coming from both companies and affect all
lines of business and staff units. Details as to specific
reductions in communities or by business line have not been
determined. As many reductions as possible will be made through
attrition. Severance and other benefits will be provided for
those associates whose jobs are eliminated and who cannot be
offered another position.